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EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The calculation of earnings per common share for the quarters and nine-month periods ended September 30, 2022 and 2021 is as follows:
Quarter Ended September 30,Nine-Month Period Ended September 30,
2022202120222021
(In thousands, except per share data)
Net income$41,919 $41,671 $119,872 $112,871 
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)— — — (1,255)
Income available to common shareholders$41,919 $41,671 $119,872 $111,616 
Average common shares outstanding47,558 51,063 48,188 51,364 
Effect of dilutive securities:
Average potential common shares-options368 453 406 384 
Total weighted average common shares outstanding and equivalents47,926 51,516 48,594 51,748 
Earnings per common share - basic$0.88 $0.82 $2.49 $2.18 
Earnings per common share - diluted$0.87 $0.81 $2.47 $2.15 
For the quarters ended September 30, 2022 and 2021, OFG did not have weighted-average stock options with an anti-dilutive effect on earnings per share. For the nine-month periods ended September 30, 2022 and 2021, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 1,070 and 3,075, respectively.
During the quarter ended September 30, 2022, OFG increased its quarterly common stock cash dividend to $0.20 per share.